Responses

Vitol response to FERC decision

Vitol Inc. regrets the FERC’s decision to issue an Order to Show Cause against it and denies all of FERC’s allegations.  Vitol believes that its conduct was lawful and intends to defend itself in the appropriate forum. The post Vitol response to FERC decision appeared first on Vitol. Vitol News

Response to the Public Eye report of 14th November 2018

Vitol’s compliance framework Vitol is already obliged to implement robust due diligence and anti-bribery procedures under the UK Bribery Act 2010 and other similar legislation. In common with financial institutions, commodity traders such as Vitol are subject to stringent laws in their dealings with Politically Exposed Persons (PEPs) including those relating to anti-bribery and anti-money laundering. Vitol has implemented a rigorous compliance framework, to ensure that it complies with its

Response to the Global Witness report of 8th November 2018

November 2018 Vitol has a zero tolerance policy in respect of bribery and corruption. Its business is managed in full compliance with all relevant legislation. Vitol was contacted in September 2018 by Global Witness and has since liaised extensively with it. The Global Witness report contains no evidence of any wrongdoing by Vitol. In respect of Cockett: The arrangements in question were made three years prior to Vitol’s investment in

Vitol response to CoRDiS decision

Vitol rejects the findings of the CoRDiS, CRE’s disciplinary tribunal, and will be appealing. Vitol maintains that its trading strategies were appropriate to physical energy markets and in accordance with the applicable market regulations, as confirmed by expert evidence. Moreover, Vitol believes that CRE did not follow due process and, had it done so, the result would have been different. Vitol believes that market integrity can only be achieved through